Board of Directors of public sector Bank of Maharashtra, in its meeting held on 2 November 2018, restored functional responsibilities of Ravindra Marathe, MD &CEO and Rajendra Gupta, Executive Director.
The Board, in its meeting held on 29th June 2018, had divested them of their powers in the backdrop of alleged irregularities in sanctioning and disbursement of loans to real estate developer DSK Developers Limited.
The bank said in a statement that restoration of functional responsibilities to Marathe and Gupta is a welcome move for the Bank which has also shown good results in its Q2 of FY 2018-19 after 10 quarters. Restoration of functional responsibilities of Bank’s Officials has certainly boosted the morale of not only the staff of Bank of Maharashtra but also whole banking fraternity as such, the statement said.
Bank, which is always on the forefront while implementing Government Schemes such as Jan- Dhan Yojana, MUDRA scheme, Social Security schemes etc. will have profound impact of this decision on its day to day working and ultimately lead to growth & profitability.
